Companies Act 2006: Changes On 1 October 2009

On 1 October 2009 virtually all sections of the Companies Act 2006 that have not yet been implemented come into force. The main areas of change are in relation to the formation of companies, the memorandum and articles, share capital, and directors' home addresses.

Key changes include:

• The objects of companies formed on or after 1 October 2009 (New Companies) are unrestricted unless restrictions are specifically inserted into the articles. Companies formed before that date (Existing Companies) can avoid future concerns that they are acting ultra vires by deleting all of their existing objects.
• There are three new sets of Model Articles: for a public company limited by shares; a private company limited by shares; and a private company limited by guarantee. The relevant Model Articles apply to a New Company unless its members choose to exclude or modify them.